Income Tax Act 1947 · 2020 Revised Edition · Part 11 · Rates of Tax
43V. Concessionary rate of tax for income derived from managing approved venture company
Feedback & supportLast amended by an amending law of 2020. 2 amendments in all.
Despite section 43, tax at the rate of 5% is to be levied and paid for each year of assessment upon the management fees and performance bonus derived by an approved fund management company on or after 1 April 2015 from managing authorised investments of an approved venture company under section 13G.
The Minister or an authorised body may approve a fund management company for the purposes of subsection (1) at any time between 1 April 2015 and 31 December 2025 (both dates inclusive).
company
“company” means any company incorporated or registered under any law in force in Singapore or elsewhere;
The Minister or authorised body may, when granting the approval, impose such conditions on the fund management company as the Minister or authorised body considers appropriate.
The approval under subsection (2) is for a period specified by the Minister or authorised body which must not exceed 10 years, except that the Minister or authorised body may extend the period for further periods not exceeding 5 years at any one time.
Despite subsection (4), an approval granted under subsection (2) on or after 1 April 2020, and any extension of such approval, must each be for a period that does not exceed 5 years.
In determining the amount of income subject to the concessionary rate of tax under subsection (1) —
the allowances under section 19, 19A, 20, 21, 22 or 23 must be taken into account even if no claim for such allowances has been made; and
the Comptroller must determine the manner and extent to which —
allowances under section 19, 19A, 20, 21, 22 or 23 and any expenses and donations allowable under this Act are to be deducted; and
any loss may be deducted under section 37.
In this section —
“authorised investments” has the meaning given by section 13G(18);
“fund management company” means a company incorporated in Singapore that is a fund manager.[43ZG
Fund Manager
“Fund Manager” or “fund manager” means a company holding a capital markets services licence under the Securities and Futures Act 2001 for fund management or that is exempted under that Act from holding such a licence;